BUY GBPINR FEB @ 108.2 SL 107.9 TGT 108.5-108.8 - Kedia Advisory
USDINR
SELL USDINR FEB @ 87.15 SL 87.3 TGT 87-86.85.
Observations
USDINR trading range for the day is 86.37-87.41.
Rupee marginally weaker amid hedging interest from importers and the maturity of positions NDF market
Fed Chair Jerome Powell reiterated that the central bank doesn't need to rush to lower policy rates.
Adding to concerns, the RBI last week cut repo rates to support growth, but lower returns on local assets may weaken the currency further.
EURINR
BUY EURINR FEB @ 90.25 SL 90 TGT 90.5-90.7.
Observations
EURINR trading range for the day is 89.58-90.78.
Euro edged up as investors reacted to the EU’s firm stance against US tariffs on European steel and aluminum.
Trade war would cloud euro zone's inflation path, ECB's Lagarde says
The Ifo Business Climate indicator for Germany edged up to 85.1 in January 2025 from 84.7 in December which was the lowest level since May 2020
GBPINR
BUY GBPINR FEB @ 108.2 SL 107.9 TGT 108.5-108.8.
Observations
GBPINR trading range for the day is 107.46-108.84.
GBP gains as markets adjusted rate cut expectations following comments from BoE policymaker Catherine Mann.
Bank of England's Mann says no to 'cut, cut, cut' on rates
Retail sales in the United Kingdom rose by 2.5% year-on-year in January 2025, a slowdown from the 3.1% increase in December
JPYINR
SELL JPYINR FEB @ 57.3 SL 57.5 TGT 57.05-56.9.
Observations
JPYINR trading range for the day is 56.83-57.43.
JPYINR MAR-FEB 2.6475 SELL JPYINR FEB @ 57.3 SL 57.5 TGT 57.05-56.9.
JPY weakened after BOJ Governor Ueda provided no clear guidance on the future trajectory of interest rates. Japan's machine tool orders rose 4.7% year-on-year to JPY 116,146 million in January 2025
Hawkish BOJ policymaker calls for raising rates at least to 1%
